Joining us today from Landstar are Henry H. Gerkens, Chairman, President and CEO; Jim Gattoni, Vice President and Chief Financial Officer; Pat O'Malley, Vice President and Chief Commercial and Marketing Officer; and Joe Beacom, Vice President and Chief Safety and Operations Officer.Now, I would like to turn the call over to Mr. Henry Gerkens. Sir, you may begin. Henry H. Gerkens Thanks, Dory, and good afternoon, and welcome to the Landstar 2012 First Quarter Earnings Conference Call. This conference call will be limited to no more than one hour. In addition, please limit your questions to no more than 2 questions when the question-and-answer period begins. Before we begin, let me read the following statement. The following is a Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. Statements made during this conference call that are not based on historical facts are forward-looking statements. During this conference call, I and other members of Landstar's management may make certain statements containing forward-looking statements such as statements which relate to Landstar's business objectives, plans, strategies and expectations. Such statements are, by nature, subject to uncertainties and risks, including, but not limited to, the operational, financial and legal risks detailed in Landstar's Form 10-K for the 2011 fiscal year described in the section Risk Factors and other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and Landstar undertakes no obligation to publicly update or revise any forward-looking statements. The 2012 first quarter was another outstanding quarter for Landstar and a great start to what could yet be another banner year for Landstar. Freight demand continues to be strong and pricing continues to increase, albeit, not at the pace we saw in 2011, but consistent with our forecasts.
In our 2012 first quarter mid-quarter update call, I stated that I expected our revenue for the 2012 first quarter would increase over revenue generated in the 2011 first quarter in a low to mid teen range and that I estimated the 2012 first quarter earnings per diluted share would be in the range of $0.51 to $0.56 per diluted share. Actual revenue increased 13%, and earnings per diluted share was $0.57, a 33% increase over the 2011 first quarter diluted earnings per share. Not only was it the highest first-quarter revenue and diluted earnings per share in Landstar history, but also the highest first quarter operating income amount in Landstar history.Since the end of the 2009 year, Landstar has now put together 9 consecutive quarters of sustained current year over prior year quarter growth, and I anticipate that trend to continue. Consolidated revenue in 2012 first quarter was approximately $649 million, up approximately $77 million from the revenue generated in the 2011 first quarter. The increase was primarily driven by the 15% increase in truck transportation revenue. Truck transportation revenue represented 92% of consolidated revenue in the 2012 first quarter versus 91% in the prior year first quarter. Revenue hauled by BCOs in the 2012 first quarter increased approximately 7% over the 2011 first quarter and represented 51% of total revenue in the 2012 first quarter versus 54% in the 2011 first quarter. Total brokerage revenue increased a healthy 27% in the 2012 first quarter over the 2011 first quarter and was 42% of consolidated revenue in the 2012 first quarter versus 37% of revenue in the 2011 first quarter. From a load volume and revenue per load standpoint, total loads hauled by BCOs and broker carriers in the 2012 first quarter combined increased approximately 9% over the 2011 first quarter, and revenue per load increased approximately 6%.
Flatbed revenue was particularly strong in the quarter. It increased 28% versus the prior year quarter while van and other truck transportation revenue increased 8%. Current indications are that flatbed revenue will remain strong throughout the year. Rail intermodal revenue increased 6% over the prior year first quarter entirely due to increased pricing. Air and ocean revenue was down approximately $4 million versus the prior year first quarter, primarily due to several onetime moves that occurred during the prior year first quarter.Read the rest of this transcript for free on seekingalpha.com